The global quantum computing market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the need for high-level computing performance.
Quantum computing is a form of technologically advanced computer system based on quantum theory and quantum mechanics. The quantum computer has been used for quantum computing, which is based on quantum physics concepts. With respect to bits, speed, and data differs from traditional computing. Classical computing includes two bits, 0 and 1, however quantum computing makes use of all states between 0 and 1, resulting in faster processing and superior outcomes. It is mostly applied in research to compare multiple solutions to determine the optimum solution for a complicated problem. The COVID-19 pandemic outbreak has brought a positive impact on the market as the industries are attempting to maintain their digital transformation pace by adapting to the new normal of using remote workstations, which remains a major attribute for quantum computing in the research field.
The report on the global quantum computing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Quantum Computing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Applications (Simulation, Machine Learning, Optimization, and Others), Products (Software, Hardware, and Service), and End-users (Energy & Utilities, Manufacturing, Healthcare & Life Science, Chemical, BFSI, Aerospace & Defense, IT & Telecom, and Automotive) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Google Inc.; River Lane Research; International Business Machines Corporation (IBM); Rigetti Computing; QX Branch; D-Wave Systems Inc.; Cambridge Quantum Computing Ltd.; 1QB Information Technologies; QC Ware, Corp.; and StationQ- Microsoft |
Based on applications, the global quantum computing market is divided into simulation, machine learning, optimization, and others. The optimization segment is expected to grow at a rapid pace during the forecast period owing to the vast adoption of the technology in the region, which requires continuous upgradation and optimization. However, the machine learning segment is anticipated to hold a key share of the market in the coming years as the application carries the ability to handle complex calculation and offer better results for companies to have a competitive advantage in the market.
In terms of products, the market is segregated into software, hardware, and services. The service segment is projected to expand at a considerable CAGR during the forecast period attributed to the rise in number of startups across the globe, which are investing in R&D activities for quantum computing. On the other hand, the software segment is anticipated to account for a major market share during the forecast period due to adoption of the application across major industries for competitive results and reduction in errors.
On the basis of end-users, the global quantum computing market is segmented into energy & utilities, manufacturing, healthcare & life science, chemical, BFSI, aerospace & defense, IT & telecom, and automotive. The healthcare & life science segment is anticipated to hold significant market share owing to the use of quantum computing in pharmaceutical, which helps in major discoveries with minimal errors.
In terms of regions, the global quantum computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period due to the presence of several industries, including healthcare, banking, automotive, and chemicals across multiple countries in the region. However, Europe is anticipated to expand at a rapid pace during the forecast period attributed to adoption of technology and incentives offered by government in the region for the market.
The global quantum computing market has been segmented on the basis of
Key players competing in the global quantum computing market are Google Inc.; River Lane Research; International Business Machines Corporation (IBM); Rigetti Computing; QX Branch; D-Wave Systems Inc.; Cambridge Quantum Computing Ltd.; 1QB Information Technologies; QC Ware, Corp.; and StationQ- Microsoft. Some of these players are actively engaged in various market development strategies such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
The global quantum computing market has been segmented on the basis of
Key players competing in the global quantum computing market are Google Inc.; River Lane Research; International Business Machines Corporation (IBM); Rigetti Computing; QX Branch; D-Wave Systems Inc.; Cambridge Quantum Computing Ltd.; 1QB Information Technologies; QC Ware, Corp.; and StationQ- Microsoft. Some of these players are actively engaged in various market development strategies such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
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